【CMA词汇每日一贴】Arbitrage Pricing Theory (APT)

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Arbitrage Pricing Theory (APT)    ：    A framework for analyzing the relationship between risks and rates of return on securities, especially common stocks.  It asserts that the risk elements that influence returns on securities include (1) inflation, (2) industrial production, (3) risk premiums, and (4) the slope of the term structure of interest rates.

套利定价理论（APT）   ：     分析证券（特别是普通股）的风险和回报率关系的框架。根据该理论，影 响证券回报的风险因素包括（1）通货膨胀，（2）工业生产，（3）风险 报酬，以及（4）利率期限结构的斜率。